Credit unions in the United States

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RTP Federal Credit Union in Research Triangle Park, North Carolina 2008-07-25 RTP Federal Credit Union.jpg
RTP Federal Credit Union in Research Triangle Park, North Carolina

Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. [1] [2] U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. [3] The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. [4] As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. [5] Total credit union assets in the U.S. reached $1 trillion as of March 2012. [6] Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. [7] As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion. [8]

Contents

Due to their small size and limited exposure to mortgage securitizations, credit unions weathered the financial crisis of 2008 reasonably well. However, two of the biggest corporate credit unions in the United States (U.S. Central Credit Union and WesCorp) with combined assets of more than $57 billion were taken over by the National Credit Union Administration [9] on March 20, 2009.

History

St. Mary's Bank of Manchester, New Hampshire, holds the distinction as the first credit union in the United States. Assisted by a personal visit from Canadian credit union pioneer Alphonse Desjardins, St. Mary's Cooperative Credit Association was founded by French-speaking immigrants to Manchester from the Maritime Provinces of Canada on November 24, 1908. As the leader of St. Marie's church, Monsignor Pierre Hevey was instrumental in establishing this credit union. Attorney Joseph Boivin managed the credit union, as a volunteer, out of his home in the evenings. America's Credit Union Museum now occupies the location of Boivin's home, where St. Mary's Bank first operated.

Pierre Jay, a central banker and Edward Filene, a Bostonian merchant and philanthropist, were instrumental in establishing enabling legislation in Massachusetts in 1908.

Filene's philanthropy, combined with the practical implementation efforts of his associate Roy Bergengren were critical to the emergence of credit unions across the United States. Unlike the credit unions of Germany or Quebec, most credit unions in the US emerged from an employer-based bond of association. In addition to the traditional information and enforcement advantages resulting from the fact that members shared the same workplace, the employer-based bond permitted credit unions to use future paychecks as collateral.

The Credit Union National Extension Bureau, the forerunner of the Credit Union National Association, was formed as a confederation of state leagues at a meeting in Estes Park, Colorado, in 1934. Attendees at the meeting included Dora Maxwell who would go on to help establish hundreds of credit unions and programs for the poor in her lifetime and Louise McCarren Herring, whose work to form credit unions and ensure their safe operation earned the title of "Mother of Credit Unions" in the United States.

The number of credit unions reached their peak in 1969 with 23,866 institutions and total assets of $16 billion. [10]

A museum on the history of credit unions, America's Credit Union Museum, is located in Manchester, New Hampshire. It opened in 2002. [11]

Constitution and regulation

Credit unions in the United States may either be chartered by the federal government ("federal credit unions") [12] or a state government. [13] The states of Delaware, South Dakota, and Wyoming do not regulate credit unions at the state level; in those states, a credit union must obtain a federal charter to operate. [14] All federal credit unions and 95% of state-chartered credit unions have "share insurance" (deposit insurance) of at least $250,000 per member through the National Credit Union Share Insurance Fund (NCUSIF). [15] [16] This deposit insurance is backed by the full faith and credit of the United States government and is administered by the National Credit Union Administration. [16] As of December 2006, the NCUSIF had a higher insurance fund capital ratio than the fund for the Federal Deposit Insurance Corporation (FDIC). [17] U.S. credit unions also typically have higher equity capital ratios than U.S. banks. [17]

As of the end of 2016, the National Credit Union Share Insurance Fund insured more than $1 trillion in deposits at 5,785 not-for-profit cooperative US credit unions. [18] For comparison, the FDIC insured more than $13 trillion in deposits at 5,980 banks and thrift institutions. [19] The NCUA and the FDIC are both independent federal agencies backed by the full faith and credit of the US government.

Membership restrictions

In the United States, as elsewhere, credit unions were historically formed around a single church, place of work, labor union, or town. Membership was limited to those who were in the field of membership. The Federal Credit Union Act of 1934 limited membership to "groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community or rural district." [20]

A 1982 Interpretive Ruling and Policy Statement (IRPS) 82-4 [21] allowed many credit unions to grow their memberships and expand into multiple states. Credit union membership reached 71 million members by 1997, more than double the number of members in 1991. [20] This expansion prompted banks to challenge the 1982 regulation as illegal, a challenge upheld in a 1998 U.S. Supreme Court decision, NCUA v. First National Bank & Trust . [20] [22] Within five months, both houses of Congress passed a bill signed by President Clinton to overturn the Court's decision. [23]

Legally, and for tax purposes, credit unions in the US are considered to be non-profit organizations. [24] Banks argue that this status exempts credit unions from many federal and state taxes, giving credit unions a competitive advantage. [25] As of 2003, U.S. governmental regulatory agencies require that credit unions restrict their membership to defined segments of the population, such as people who live, work, worship, or attend school in a well-defined geographic area; employees of specific companies or trades; members of specific non-profit groups, including labor unions, alumni associations, conservation or other advocacy organizations, lodges, churches, or the like; or a particular occupational group, such as teachers, doctors, etc. [26] In the US this is referred to as a credit union's "field of membership", and internationally the term bond of association is used.

Credit unions may typically be chartered to serve a specific employee or associational group or groups (often called a Select Employee Group or "SEG Charter"), all members of a trade, industry, or profession (a "TIP Charter"), or have a "Community Charter" (typically a field of membership of anyone who lives, works, goes to school, or attends religious services in a particular city, county, or counties). [26] When a credit union converts to a Community Charter from a SEG Charter or TIP Charter, it can continue to serve its existing members as well as anyone who lives, works, worships, or attends school within its new geographical field of membership, but cannot admit new members from its former SEG(s) or TIP (unless the group in question is located within "the new community credit union's boundaries"). [27] Similarly, a credit union that converts to a TIP or SEG charter from a different charter type can no longer admit new members from its old field of membership. [26]

Typically, members' families – such as immediate family or household members – can also join the credit union. [26] In the United States, the National Credit Union Administration or a state regulator – depending upon whether or not the credit union is chartered by the federal government or by a state – decides whether or not to approve or deny proposed field of membership expansions or charter conversions to other credit union charters. [26]

Mergers of smaller credit unions with disparate membership bases often result in a credit union with a wide variety of ways to qualify to join; thus, a credit union may have a much broader "field of membership" than that credit union's name would imply.

Credit unions generally follow the principle of "once a member, always a member", which allows a member with a current credit union membership to remain a member even if they would otherwise no longer qualify to be such, such as leaving the company with whom they initially gained membership or moving outside the credit union's defined geographic area. However, many credit unions reserve the right of expulsion against a member who causes a financial loss. [28] Some credit unions also have expelled members, including elected Board and Supervisory Committee volunteers, for making whistleblower complaints against credit union management. [29] [30] [31]

Underserved and low-income areas

Federal credit unions may apply to the NCUA for Low-Income Credit Union (LICU) status. To qualify for LICU status, the majority of the credit union's members must be considered "low-income" based on specific requirements set by the NCUA. This LICU status allows the credit unions to benefit from certain NCUA programs to enhance their capacity to serve underserved populations who may otherwise lack access to credit or other financial services. [32] In addition, some state regulators also provide for similar low-income designations.

Unlike banks, which were caught redlining underserved areas in the 1970s, credit unions are not subject to federal "community reinvestment" requirements, essentially because credit unions, by their nature and mission of "people helping people", already meet the financial needs of a broad spectrum of people that fall within their fields of membership, and may play an active role in community development and growth. [33] Credit unions are exempt from the Community Reinvestment Act, a U.S. federal law that encourages banks to provide services in low- and moderate-income areas. [34]

In 2006, U.S. credit unions approved 69% of mortgage applications they received from low- and moderate-income individuals, while other U.S. mortgage lenders approved only 47%, according to data collected in compliance with Home Mortgage Disclosure Act. The same data shows that U.S. credit unions approved 62% of minority members' mortgage applications, versus a 51% for other U.S. mortgage lenders. [35] That data also shows that 25.2% of all U.S. credit union mortgage originations were for low- or moderate-income borrowers, versus 20.6% at other U.S. mortgage lenders. [36] However, the NCUA has long discouraged U.S. credit unions from giving members loans that they may not be able to repay, and has forbidden other types of predatory lending and abusive credit practices. [37] [38] Federal credit unions are also forbidden from charging prepayment penalties on loans. [39]

Credit unions are still trying to find ways to serve this market and offer loan products that benefit their memberships. Some are partnering with financial technology (FinTech) companies such as OnDeck Capital and Think Finance that provide online loan origination and management software, freeing credit unions from having to build them from scratch.

Interest rates

United States credit unions typically pay higher interest rates on deposits and charge lower interest rates on loans than banks. [40] Because members are part owners of credit unions, interest is typically called dividends and deposits are typically called shares. [41] Credit unions therefore often have a higher “cost of assets” (i.e. interest expense as a percentage of average assets) than commercial banks, with aggregate U.S. credit union cost of assets being higher than the aggregate U.S. bank cost of assets in eight of the thirteen years between 1995 and 2007. [42]

In order for credit unions (and banks) to maintain capital reserves and stay solvent, their revenues (from loans and investments) must meet or exceed their operating expenses and dividends (interest paid on deposits).

A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself. [43]

Leagues and associations

Credit unions in the United States have traditionally used a state/national trade association relationship that aligns credit unions with state credit union leagues, followed by national affiliation with the Credit Union National Association (CUNA) of Madison, Wisconsin. Federal credit unions may also be members of the National Association of Federal Credit Unions (NAFCU). [44] Credit unions can also participate in a credit union service organization (CUSO) that provides shared resources to member credit unions such as call centers, lending teams, and data centers. Participating in a CUSO allows credit unions to provide additional services to customers such as business and commercial real estate lending. [45]

Credit unions with a specific focus on serving low- and moderate-income people and communities, typically designated as low-income by the NCUA, often join the New York, New York-based National Federation of Community Development Credit Unions (Federation), a national trade association providing investments, technical assistance, education and training and advocacy for community development credit unions (CDCUs) nationwide.[ citation needed ]

Credit unions vs banks

Establishing an account at a credit union usually requires a smaller deposit than that of a bank; credit unions usually require $5–$30 to open an account, while major banks sometimes require $50–$100 deposit.[ citation needed ] The required minimum deposit to join a credit union is called a share and establishes the depositor as a member with full ownership rights.[ citation needed ]

Tension has always existed between member-owned cooperative credit unions and for-profit banks in the United States. When credit unions were first organizing in the US in the early 20th century, the banking industry was opposed, remaining so ever since.

Due to their status as not-for-profit, member-owned financial institutions with no source of secondary investment capital, credit unions in the US are exempt from federal and state income taxes [46] (but not from other forms of tax, such as payroll, sales, or property taxes). Credit union members themselves pay income tax on dividends earned through financial participation in the credit union; this is similar to the taxation structure enjoyed by many banks incorporated under Subchapter S of Chapter 1 of the Internal Revenue Code. [47] [48]

ESL Federal Credit Union in Rochester, New York ESL Federal Credit Union headquarters.JPG
ESL Federal Credit Union in Rochester, New York

To extend their member service reach, many credit unions participate in shared ATM and branch networks. Many credit unions participate in the CO-OP Network, which allows members of participating credit unions to use nearly 30,000 ATMs without fees or surcharges. Shared branching is a cooperative venture whereby members of one credit union can perform basic transactions at no additional cost at any branch owned by other credit unions within the network.[ citation needed ]

Bank holding companies and their affiliates aggressively compete to provide services to credit unions through their ATMs networks, corporate checking accounts, and certificate of deposit programs. In 2007, the American Bankers Association (ABA) barred credit union employees from attending ABA-sponsored educational seminars. This includes online classes that require registration. Based on the pretext that the ABA only wants to serve its members, the ABA continues to try to weaken credit unions and take back the market share that credit unions currently[ when? ] hold. [49]

Credit union-to-bank conversions

Since 1995, over 30 US credit unions have converted from credit union charters to bank charters. [50] These conversions are generally initiated by a credit union's leadership team, rather than from the rank-and-file membership, and have created sharp controversy within the credit union industry. [51] Some have questioned whether these conversions are in the best interests of the credit union members, and have compared them to the mutual savings bank conversion raids of the 1980s. [52]

Like the mutual savings raids, credit union conversions have been very lucrative for executives and directors of converting credit unions. [52] CU Financial, a consulting firm that helps credit union management execute these conversions, has explained in marketing materials that if a credit union with $50 million in capital converts to a stock bank, under certain conditions a payoff in the "$1.2 million range for each director is not out of the question," while executives might also expect additional stock compensation that "could lead to a $10 million-plus ownership stake for a capable CEO". [53]

Members of at least six credit unions have organized to oppose their management's conversion proposals, objecting that this insider enrichment comes at the detriment of credit union members. They point out that while insiders have made windfall profits, most members have lost their ownership stake without compensation, and face worse rates and fees after the conversion. [54] Comparisons of interest rates show that credit unions that have converted to banks now charge their members more for loans, and pay less for savings. [55] [56] Member groups have included Save Columbia Credit Union, Save First Basin Credit Union, Save Tech CU, and DFCU Owners United.

The National Center for Member Trust is a consumer protection non-profit organization "formed to support the member-owners of credit unions that are trying to convert to banks." [57] The Coalition for Credit Union Charter Options [58] is an advocacy group for converting credit unions. UC Berkeley Professor of Financial Institutions James Wilcox is an expert who has released a number of studies on the issue. [59] [ better source needed ] His findings are summarized in "Credit Union Conversions: Ripe for Abuse... and Reforms", published in the Credit Union Times in July 2006. [60]

See also

Related Research Articles

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A credit union is a member-owned nonprofit cooperative financial institution.

<span class="mw-page-title-main">National Credit Union Administration</span> Independent U.S. federal agency for insuring credit unions

The National Credit Union Administration (NCUA) is an American government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.

<span class="mw-page-title-main">Navy Federal Credit Union</span> Credit union in the United States

Navy Federal Credit Union is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member credit union in the United States, both in asset size and in membership. As of November 2023, Navy Federal had US$168.4 billion in assets and has 13.3 million members.

<span class="mw-page-title-main">Credit Union National Association</span> U.S. trade association

The Credit Union National Association, commonly known as CUNA, is a national trade association for both state- and federally chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, regulatory advocacy, professional development, and professional services management. The organization operates out of its headquarters in Washington, D.C., and an operations center in Madison, Wisconsin. CUNA's president and chief executive officer Jim Nussle has led the organization since September 2014.

<span class="mw-page-title-main">Cooperative banking</span> Type of retail or commercial bank organized cooperatively

Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.

<span class="mw-page-title-main">Security Service Federal Credit Union</span>

Security Service Federal Credit Union (SSFCU) is a credit union headquartered in San Antonio, Texas, federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $10.5 billion in assets, Security Service serves more than 800,000 members, and operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.

The National Credit Union Share Insurance Fund provides deposit insurance to protect the accounts of credit union members at federally insured institutions in the United States. Created in 1970, the Share Insurance Fund is administered by the National Credit Union Administration, an independent federal financial regulator. The Share Insurance Fund is funded completely by participating credit unions, and not one penny of insured savings has ever been lost by a member of a federally insured credit union. The Share Insurance Fund is backed by the full faith and credit of the United States government.

iTHINK Financial was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured credit union with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout Florida and Georgia and approximately 380 employees. iTHINK Financial’s headquarters are located in Delray Beach, Florida.

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Call Federal Credit Union is a federally insured, not-for-profit financial cooperative headquartered in Richmond, Virginia. It is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Call Federal Credit Union is the second-largest Richmond-based credit union. As of December 31, 2022, Call Federal Credit Union had $522 million USD in assets and 30,000 members. In accordance with the Federal Credit Union Act of 1934, Call Federal Credit Union is a tax-exempt, federally chartered, federally insured, not-for-profit financial cooperative. Call Federal Credit Union accounts are insured up to $250,000 through the NCUA, which is comparable to the insurance provided to accounts at traditional banks via the Federal Deposit Insurance Corporation.

<span class="mw-page-title-main">Wright-Patt Credit Union</span>

Wright-Patt Credit Union (WPCU) is a US credit union or financial cooperative headquartered in Beavercreek, Ohio. The credit union was originally headquartered in Fairborn, Ohio; however, it relocated in early 2014. WPCU is registered as a state-chartered credit union, is the largest member-owned credit union in Ohio, and is one of the 50 largest credit unions in the United States. As of February 2022, WPCU has over $7.1 billion in assets, and over 446,000 members. WPCU is federally insured by the National Credit Union Administration (NCUA), which insures accounts in federal and most state-chartered credit unions in the United States. Deposits with Wright-Patt Credit Union are insured to $250,000.

<span class="mw-page-title-main">First Entertainment Credit Union</span> Credit union in California

First Entertainment Credit Union is a state-chartered, natural person (retail) credit union – a cooperative financial institution that is owned and controlled by its members and operated for the purpose of providing credit at competitive rates and other financial services to its members. Headquartered in Hollywood, California, First Entertainment Credit Union is regulated under the authority of both the California Department of Financial Protection and Innovation (DFPI) and the National Credit Union Administration (NCUA), an agency of the U.S. federal government.

<span class="mw-page-title-main">Summit Credit Union</span> American credit union

Summit Credit Union, founded in 1935, is a credit union that was once based in Madison, Wisconsin, United States. In 2019 they moved their headquarters to nearby Cottage Grove, Wisconsin. Since April 2022, it has 49 locations throughout the state. Summit has more than 227,000 members and $4.9 billion in assets, making it one of the largest credit unions in the state. Summit Credit Union is regulated by the National Credit Union Administration (NCUA) as a federally insured state-chartered credit union. It was officially chartered in 1935 and was assigned NCUA charter number 67190.

<span class="mw-page-title-main">Actors Federal Credit Union</span>

Actors Federal Credit Union (ActorsFCU) is an American federally chartered credit union—a cooperatively run, not-for-profit financial institution, owned and controlled by its members. Based in New York City, New York, ActorsFCU is regulated and insured by the National Credit Union Administration (NCUA), an agency of the U.S. Federal Government comparable to the Federal Deposit Insurance Corporation. It is the 49th largest credit union in the state of New York and the 993rd largest credit union in the nation. It has an overall health score at DepositAccounts.com of a B, with a B+ Texas ratio. Currently led by Daniel Czerniawski, ActorsFCU serves over 22,000 members of more than 190 organizations nationwide with assets of more than $180,000,000. ActorsFCU has 44 full-time employees and 4 part-time employees with a main office and 4 branch offices.

<span class="mw-page-title-main">Randolph-Brooks Federal Credit Union</span> Credit union in Live Oak, Texas

Randolph-Brooks Federal Credit Union (RBFCU) is a credit union headquartered in Live Oak, Texas, chartered and regulated under the authority of the National Credit Union Administration (NCUA). RBFCU serves more than 850,000 members from a network of full-service branch locations in Texas, and has more than $14.77 billion in assets as of May 2022. It is the largest credit union in Texas and the 11th largest credit union in the United States, based on total assets.

<span class="mw-page-title-main">Debbie Matz</span>

Deborah "Debbie" Matz is an American civil servant who served as the 8th Chairman of the National Credit Union Administration.

<span class="mw-page-title-main">Michael E. Fryzel</span>

Michael E. Fryzel is an American attorney with offices in Chicago, Illinois. Following the 2016 general election, Fryzel served on President Donald J. Trump's Transition Team and developed the Agency Action Plan for the National Credit Union Administration.

<span class="mw-page-title-main">Credit Union Share Insurance Fund Parity Act</span>

The Credit Union Share Insurance Fund Parity Act is a bill that would expand federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions.

Langley Federal Credit Union or is a US credit union headquartered in Newport News, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Langley FCU is one of the 100 largest credit unions in the United States. As of November 2022, Langley FCU has $5.1 billion USD in assets and over 351,000 members. The credit union has 21 branches in the Hampton Roads area of Virginia.

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Further reading